DEDHAM, Mass. — Nearly a quarter of all holiday shoppers are expected to take on debt of up to $1,000 this year, according to a survey from Bread Financial. However, there are ways to save you from big credit card bills in January.
“I have a lot of planning to do. I have a lot of family. So I have to get a lot of things to buy,” said Melinda Holdsworth.
People are already starting to think about holiday shopping. For some, like Holdsworth, it can be overwhelming.
“It’s like you have to buy for everyone and more. And you sometimes can’t cost-effectively manage that,” Holdsworth said.
Consumer savings expert Andrea Woroch shared five easy budgeting hacks with Boston 25 that could help. First, you have to make sure your holiday budget is realistic.
“Are you thinking of all the smaller expenses that creep up this time of year? It’s a good idea to look over how much you spent during the holidays last November and December to get that budget baseline,” Woroch said.
Next, get your gifting game plan in place by having the ‘gift talk.’
“Maybe this year you create new traditions instead of buying everybody in your friend group a gift or everybody in your family a gift. Can you set up a gift exchange where maybe it’s like a Secret Santa? You only give one gift to each person, or perhaps you focus on just the kids,” Woroch said.
Woroch says it’s important to make sure you pay off your credit card.
“Before you go into the holiday season, have a plan on how to manage that debt. Because if you don’t, what happens is you start putting on more purchases. That balance grows,” Woroch said.
Other tips include earning extra spending cash by racking up free rewards. Plus, research October sales now and set sale alerts.
“Budget, budget, budget. Always ahead. Never wait until November or December,” said Arlene Fry of Norwood, “Because if you don’t have the money up front, there’s no pleasure in it.”
As for Holdsworth, she says it’s all about being prepared.
“I literally will space it out in between. So, like months before, if I find something online, I’ll bookmark it. And I’m like, ‘Alright, I want that one now.’ And then months later, I’m, like, ‘This one. I want this one,’” said Holdsworth.
Woroch also suggests shopping secondhand to help save. Look for gently used toys on places like Facebook Marketplace. Shoppers can also sometimes find brand new items, like clothing, at consignment stores.
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